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The Real Deal NYC

Feds tie another alleged $1B money laundering scheme to Porsche Design Tower, along with NY properties

Federal authorities charged a Venezuelan TV magnate for his role in a billion-dollar money laundering and currency exchange scheme involving real estate around the world, including two dozen properties in Miami and New York. The indictment follows a separate billion-dollar money laundering scheme in July that included real estate in South Florida. In that case, federal prosecutors say top Venezuelan officials siphoned funds out of the state oil company, and into assets throughout the world. […]

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SDG Management nabs Hamilton Heights resi property

Multifamily investor Bruce Haley sold a Hamilton Heights apartment building for $21.8 million. The property, at 3661 Broadway, is a six-story mixed-use building with 56 apartments and six commercial units, according to city data. It’s unclear how much Haley paid for the property. However, his company, Lesson Realty Corp., has owned the property since 1982, records show. The buyer is SDG Management. The firm, headed by Darin Goldstein, is funding the acquisition with a $17.5 […]

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Blackstone lands $269M loan for acquisition of Parker Towers

The Blackstone Group is financing its $500 million acquisition of the Parker Towers housing complex in Queens with a $269.1 million mortgage from Newmark Knight Frank, public records show. The mortgage includes an existing loan of $165 million and new financing of $104.1 million. Berkeley Point Capital, which BCG Partners bought for $875 million in 2017 and recently folded into the Newmark brand, issued the previous loan and is also listed as the new lender. […]

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Historic Greenwich Village theater Quad Cinema could face eviction

Quad Cinema, which holds the distinction of being the city’s first multiplex, could face eviction at its Greenwich Village home just a year after an extensive renovation. The theater, which is owned by billionaire real estate developer Charles Cohen, is a neighborhood institution that once hosted late-night screenings for Andy Warhol. “It was the kind of place where you could rub shoulders with glitterati such as Mick Jagger and David Bowie, and then moments later […]

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Foreign investors are looking past America’s top RE markets

As commercial rents and residential prices soar in New York City, Chicago, Miami and Los Angeles, foreign investors are chasing higher yields in unexpected secondary markets with stronger growth potential. Chinese and German investors are increasingly looking to cities like Philadelphia, Denver, Atlanta and Phoenix, according to Bloomberg. Citing data provided by CBRE, the outlet reported that Philadelphia experienced that largest growth, recording a massive 516 percent uptick in the first three quarters of 2018 […]

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City Hall gets serious about Airbnb oversight

City Hall published proposed rules for the oversight of short-term rental listings on platforms like Airbnb. Under the proposal, listing websites would be required to send monthly reports to the city, detailing information about hosts, whether entire apartments or mere rooms were rented out and how much guests paid, Crain’s reported. The proposed rules, which are headed for a public hearing on Dec. 18, follow a bill that passed City Council in July that calls […]

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Vegas Realtors association backtracks on ending listing syndication

Listings that happen in Vegas won’t stay in Vegas. The Greater Las Vegas Association of Realtors has changed its mind about sending listings to Zillow and ListHub. After previously saying that listings would no longer be automatically sent to the portals, starting next year, the trade group has reversed the decision. In a document dated Nov. 15, the GLVAR Board of directors said it will “continue syndicating its MLS data to third parties,” Inman reported. […]

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Homebuilders nationwide aren’t feeling so hot on the future

Confidence in the housing market among homebuilders has dropped to its lowest point in more than two years, another sign the market is cooling amid rising interest rates and rising prices. The National Association of Home Builders/Wells Fargo Housing Market Index dropped eight points to 60, considerably more the single point drop expected by economists, according to Bloomberg. The Federal Reserve has hiked the benchmark borrowing rate quicker this year than was expected, which has […]

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TerraCRG sues Adam Hess for allegedly stealing clients, listings on his way to Meridian Capital Group

TerraCRG is suing former brokers Adam Hess, Edward Setton and Aaron Birns for allegedly stealing confidential information and clients from the company before leaving for Meridian Capital Group. Hess, Setton and Birns were “caught red-handed” with the information, as the junior member of Hess’ team Cameron Parsa confirmed what they had done in an affidavit, according to the lawsuit. It says that Birns told Parsa he took more than 30 property leads to Meridian with […]

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Peloton finalizes lease for new HQ at Hudson Commons

Peloton finalized its lease for a new headquarters spanning more than 300,000 square feet on the Far West Side. The indoor-fitness company signed a lease for 312,000 square feet at Cove Property Group’s Hudson Commons building at 441 Ninth Avenue, Peloton announced Monday. The Real Deal first reported earlier this month that the company was nearing a deal to anchor the 700,000-square-foot office project, which Cove is redeveloping with the hedge fund Baupost Group. Peloton’s […]

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